What is vendor management?

Vendor management is the process of managing relationships with suppliers (vendors) of goods and services, aimed at optimizing procurement, quality control, risk reduction, and cost savings. It includes selecting suppliers, negotiating, signing and managing contracts, monitoring compliance, and evaluating the effectiveness of cooperation.

Main tasks of vendor management:

• Finding and assessing potential suppliers
• Negotiating and signing contracts
• Quality and delivery time control
• Managing risks associated with suppliers
• Cost optimization and increasing procurement efficiency

Effective vendor management helps ensure supply stability, improve product and service quality, and reduce operational costs.